The Monetary Authority of Singapore has granted Circle Internet Financial in-principle approval as a Major Payments Institution License holder. In the city-state, the company will offer digital payment token products as well as cross-border and domestic transfer services.
The licence will strengthen Circle's footprint in the region, as well as foster economic growth and the development of Singapore's crypto hub. Circle's CEO, Jeremy Allaire, feels Singapore is critical to the company's regional and global success. Allaire hopes to work with the MAS on cryptocurrency and blockchain initiatives in Singapore.
Circle's chief strategy officer, Dante Disparte, stated, "This milestone enables us to work with all relevant stakeholders to prove the potential of digital currencies, open payment systems, and forward-thinking fintech regulations to drive economic expansion and boost Singapore's position as a global hub for digital assets."
Circle previously recognised Singapore as a crypto hub in Asia, citing its status as the world's biggest financial hub. Indeed, the USDC issuer proceeded to hire in order to expand its presence in Singapore. Meanwhile, the MAS tightens restrictions and last month granted licences to cryptocurrency companies such as Coinbase and Blockchain.com.
Circle executives Jeremy Allaire and Dante Disparte will speak about the future of digital assets at the Singapore Fintech Festival from November 2-4. On the first day of the Singapore Fintech Festival, another stablecoin issuer, Paxos, acquired the same digital-token payment services licence from the MAS.
USDC Stablecoin Loses Market Cap
The USDC stablecoin's market cap has been influenced by the bear market. In recent months, the market capitalization has dropped to $43 billion.
Meanwhile, Circle is pushing for global USDC adoption in DeFi and Web3. Circle intends to support cross-border remittances and USDC stablecoin self-custody.
Recently, Circle's acquisition by a SPAC has been delayed as the SPAC firm seeks stockholder approval on the deal. Circle is considering going public with the help of SPAC firm Concord Acquisition Group.